November 4, 2020

Swiss Capital Review

Overview

Swiss Capital claims to be a forex broker that deals in various trading instruments. The broker is owned and operated by a company called Promfix OU. This company makes the claim that it is based out of Tallinn, Estonia. However, that is ambiguous. However, an internet watchdog group showed that the company isn’t registered with the Estonian Financial Supervision Authority. Which basically means that even if they are located in Estonia, it is not regulated and thus has no neutral oversight. The broker however claims to be doing a great job of letting users trade in various CFDs, including precious metals, indices, commodities and most of the popular cryptocurrencies too. Read the full Swiss Capital review here.

About Swiss Capital

Writing the about section for Swiss Capital is rather hard, as there is very little verifiable information that they have shared. While we did seem to have a name for the owner of the company, it still can’t be verified. Also the name of the owner of their website’s domain has been kept hidden. This is usually something that an insincere business might do, as it is hiding valuable information from potential customers. And the website itself is no help at all either. There is no physical address for the business on the website. What you do have is a phone number. Now this phone number seems to have a country code for Switzerland. Which can be attributed to the rising usage of VoIP calls, which can make it seem like you are calling from anywhere on the globe. But when you do look at the Switzerland connection, you come across something rather interesting. Finma, the Swiss Financial Market Supervisory Authority put out a warning a while ago warning the Swiss people about Swiss Capital. It mentioned that the business operating under the domains https://swisscapital.fm and https://swiss-capital.fm are not registered in their commercial register. Which essentially means that the business isn’t regulated in Switzerland either, and rather has been alerted against.

Apart from this, the website fails to give any major information about how it operates or what the trading conditions are. As a trader one of the first statistics that you might want to look up with a broker are the spreads. However Swiss Capital fails to share that information, while it does mention that it offers a decent leverage of 1:200. Add to this lack of transparency the fact that the broker also doesn’t have Demo accounts to try out the platform.

The Verdict

Given that this is a broker that is not just unregulated, but also blacklisted by a financial regulator; We think it would be highly risky to deal with them.